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Updated almost 8 years ago on . Most recent reply
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Planned job relocation and 1 year owner occupancy for FHA
Hello! I have recently accepted a promotion with my company to relocate from to Buffalo, NY in a time frame of 6-12 months. This is a loose timeline that was agreed to in writing (which could "lengthen dependent on market conditions and company operations"), and I feel will likely take more time to happen (2 years) based on the attitudes of those involved and the way previous projects have moved in the past.
I want to get an FHA loan for a property for September of this year (when my current lease expires). I understand that I need to intend to owner occupy the property for at least a year, which I fully do. However I do know that at some point in the future I'll be relocating. Once I relocate I'd like to continue owning this property and rent it out and when I arrive in Buffalo I'd like to take out another FHA loan (since Buffalo is ~300 miles away).
My concern is mortgage fraud! However, as I mentioned, I do *intend* on living there for at least a year, or until my jobs forces me to relocate. I would like to get a duplex to start so I can work on my buy/hold plan for my future, and I don't want to be held back because of this vague timeline for relocation.
Any advice is greatly appreciated!!